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Billionaire Investor Bill Ackman loses $400 million on Netflix

Hedge fund manager Bill Ackman of Pershing Square loses around $400 million when he sells his entire Netflix stock after only three months.

Hedge fund manager Bill Ackman
Hedge fund manager Bill Ackman / Facebook

Pershing Square Capital Management, led by Bill Ackman, has lost $400 million or more by selling its entire Netflix holding on Wednesday, after only three months. Bloomberg estimates the damage to be roughly $435 million.

In late January, Ackman reported the purchase of around 3.1 million Netflix shares, establishing a 0.7 percent position in the streaming company and making Pershing Square one of its 20 largest shareholders.

Netflix announced on Tuesday that it lost 200,000 customers in the first quarter, the streaming service’s first decline since 2011. The firm expects to lose another 2 million members in the current second quarter and has stated that revenue is not growing as quickly as it would like in the short term. Netflix’s stock immediately dropped 35%.

Netflix’s stock price rose at the start of the pandemic in 2020, as customers trapped at home increased their viewing habits. However, its prospects began to deteriorate as the world reopened, owing to increased competition from streaming providers such as Disney+ and HBO Max.

Netflix’s stock price peaked in November 2021 and is currently down roughly 62 percent year to date.



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